Age Concern and Help the Aged said that retirees were being 'clobbered' by high prices.
Debt fears could be leading many over-60s to reduce their costs - and some are even skipping meals as a consequence.
A new report from Age Concern and Help the Aged has revealed that two in five older Britons have made cutbacks in socialising and energy bills. Others were revealed to have made potentially dangerous reductions to their grocery bills, too.
The phenomenon of "pensioner inflation", exacerbated by the financial pressures of the credit crunch and recession, was cited by the charity. Retirees, who rely on relatively low, fixed incomes, are particularly vulnerable to price rises - and as such are thought to suffer more from sudden increases in food and fuel costs.
This means that most over-60s are likely to face "real" inflation rates far higher than the official Consumer Price Index. The government's preferred inflation benchmark hit 3.2 percent on its latest reading - well above the target rate of two percent.
Michelle Mitchell, charity director for Age Concern and Help the Aged, said: "Many older people are being clobbered by high prices and are being pushed to extreme measures to cope financially - the government cannot sit by while older people skip meals and put their health at risk. The oldest and poorest pensioners are being hit particularly hard."
Total personal debts currently faced by Britons across all age groups stand at almost £1.5 trillion. This equates to around £60,000 per household, including mortgage costs.
